News Article

Swiss multinational pharma and diagnostics giant Roche has signed a definitive agreement to acquire California-based biotech group 89bio in a deal worth up to US$3.5bn, planning to expand in cardiovascular, renal and metabolic diseases while diversifying beyond oncology and immunology. 

Roche will pay US$2.4bn upfront, and up to US$3.5bn if certain milestones are hit tied to commercial success / annual sales targets. As a single-asset company, 89bio’s value hinges on the regulatory success and market adoption of pegozafermin – a treatment for metabolic issues that drive liver and cardiometabolic diseases, such as metabolic dysfunction-associated steatohepatitis (MASH), one of the most common comorbidities of obesity.

The acquisition provides immediate late-stage exposure to metabolic disease, and strengthens Roche’s cardiovascular, renal and metabolic franchise while diversifying its late-stage pipeline.

Roche plans to fund the purchase entirely from its CHF 12 billion (US$15.14) cash balance (as of June 2025), well within management’s stated appetite for yearly bolt-on deals of up to US$10 billion.

The transaction is expected to close in Q4 of this year.